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OPEC+ weighs rollover against small production cut

05 September 2022 13:38 (UTC +04:00)

OPEC+ is likely to keep oil output quotas unchanged for October at a meeting on Monday, six OPEC+ sources said, though some sources would not rule out a small production cut to bolster prices that have slid on fears of an economic slowdown, APA reports citing Reuters.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known collectively as OPEC+, are expected to roll over existing policies, six OPEC+ sources said on Sunday and Monday.

However, three of the sources said the producer group could also discuss a small cut of 100,000 barrels per day (bpd).

Monday's OPEC+ meeting is set against a complex backdrop including a potential supply boost from Iranian crude returning to the market if Tehran is able to revive its 2015 nuclear deal with global powers.